The 21 cent weekend decline prior to the past week continued for the 2011 soybean crop into Tuesday before a strong Wednesday recovery that reclaimed most of the lost ground. Market price fell slightly on Friday to close at $17.02, an overall 15 cent decline from the prior Friday closing mark (Figure 1). Little Rock had the highest individual market price of the week at $17.27 on Thursday. Daily individual market low for the week was $16.48 at Augusta on Tuesday. Last day individual quotes across the eight reporting state markets ranged from $16.83 at Augusta to $17.10 at both Helena and Osceola. Those quotes put the closing day price spread for the state at 27 cents, a 10 cent narrowing from the previous Friday range.
The old crop market reporting period is nearing its September 30 closing date and the old crop cash and new crop booking prices are converging. New crop booking price fell 23 cents over the weekend to a Monday statewide average of $16.98. Another 20 cents were lost in Tuesday trading before a Wednesday rally that regained most of the losses. Market price then remained mostly unchanged until a small late drop on Friday (Figure 2). The Friday closing average was $17.09, a 12 cent decline from the prior Friday closing mark. High individual daily market quote for the week was $17.45 at West Memphis on Wednesday. The lowest individual daily average during the week was $16.54 at Augusta on Tuesday. Last day individual market quotes ranged from a low of $16.87 at Jonesboro to a high of $17.31 at Helena. The range of last day prices expanded 1 cent to 44 cents, compared to the prior Friday spread.
(Market average prices stated in this report are unweighted averages of the state markets surveyed by NASS. Price data was based on USDA LR GR111 Arkansas Daily Grain Reports.)